The Islamic Insurance Association of London (IIAL) will be officially launched tomorrow. The association will represent and promote London as a global centre for Islamic insurance.
The launch will be hosted by the Lord Mayor of London, Mr Alan Yarrow, and IIAL Chairman, Mr Max Taylor.
IIAL's members include Lloyd's, AIG, Aon, Coblat Underwriting, Clyde & Co, Jardine Lloyd Thompson and Norton Rose Fulbright.
Mr Taylor, a former Chairman of Lloyd’s, speaking at the International Takaful Summit in London in February, said that the UK government has been quite clear that it wants to create a global centre of excellence for Islamic financial services in the city.
He said that the most significant missing piece had been the insurance market. This was despite London having been the home of insurance for over three centuries and still the market where the world brings those risks that require innovative solutions and a bespoke underwriting approach.
The London market can play a leading role in delivering change to the Islamic insurance sector, where there is a real need for greater expertise and knowledge, he added.
Source: Middle East eNews
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